Analysts Set 8×8, Inc. (NASDAQ:EGHT) Target Price at $2.87

8×8, Inc. (NASDAQ:EGHT) has earned an average rating of “Hold” from the eight brokerages that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $2.87.

EGHT has been the topic of a number of analyst reports. Wedbush raised 8X8 to a “hold” rating in a research report on Thursday, October 17th. Wells Fargo & Company lifted their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Barclays lifted their price target on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Morgan Stanley increased their price objective on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th.

8X8 Stock Up 7.9 %

Shares of NASDAQ:EGHT opened at $2.72 on Monday. The company has a market capitalization of $355.40 million, a price-to-earnings ratio of -4.95, a price-to-earnings-growth ratio of 22.55 and a beta of 1.66. The company has a 50 day moving average of $2.86 and a two-hundred day moving average of $2.41. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.76. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The business had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same period last year, the business earned $0.02 EPS. The business’s revenue was down 2.2% on a year-over-year basis. As a group, analysts forecast that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Trading of 8X8

A number of institutional investors and hedge funds have recently modified their holdings of the business. Pallas Capital Advisors LLC acquired a new position in shares of 8X8 in the 4th quarter valued at about $29,000. Wealth Enhancement Advisory Services LLC bought a new position in 8X8 in the third quarter worth about $30,000. Virtu Financial LLC acquired a new position in 8X8 in the third quarter valued at approximately $36,000. Sei Investments Co. bought a new position in shares of 8X8 during the second quarter valued at approximately $44,000. Finally, XTX Topco Ltd acquired a new stake in shares of 8X8 during the 2nd quarter worth approximately $49,000. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.